Category Archives: Larry Werbel

Larry S. Werbel Discloses Customer Dispute Over Investment in VGTL and QLTS

UPDATE August 2016-Disclosure that another customer dispute has been filed. In July 2016 a customer of LPL Financial alleged damages of $19,995 for unsuitable penny stock trading and failure to disclose high risk strategy.

June 2016-Chagrin Falls, Ohio

According to FINRA records,  Larry S. Werbel   a stockbroker  who  was most recently  employed by Concorde Investment Services. He discloses  3 prior final regulatory events,  one pending criminal matter, 2 pending customer disputes and 4 terminations from employment in the securities industry.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

As of June 6, 2016, Werbel was suspended from associating with any FINRA member firm in any capacity for failing to respond to a FINRA request for information in connection with an investigation. If Werbel does not respond within 3 months he will be permanently barred.

Werbel was indicted in January 2016 for defrauding investors and charged with securities fraud, conspiracy to commit wire fraud and other charges in the US District Court for the Southern District of New York in Manhattan.

In currently pending FINRA Case 16-1232, a customer while Werbel was employed by LPL Financial   alleges damages of $74,518 for losses on unsuitable investments.

In another currently pending matter,   a customer while Werbel  was employed by LPL Financial and Summit Brokerage Services,  alleges damages of $661,800 for negligence and unsuitability in recommendation of penny stocks VGTL and QLTS, between 2010-August 2013.

Werbel was discharged from Concorde Investment Services in January 2016. The firm made the following allegation:
“Discharged after internal review initiated upon learning Rep was indicted for defrauding investors prior to association with the firm.”

If you have questions about an account handled  by Larry S. Werbel, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Larry Werbel’s Co-Conspirator Edward Durante Extradited From Germany

The FBI announced the arrest and extradition of repeat securities fraud offender Edward Durante, also known as: 

  • Ted Wise
  • Efran Eisenberg
  • Yulia
  • Ed Simmons

Durante was arrested in Germany and returned to the United States where he was charged with securities fraud, wire fraud, money laundering and other charges in an indictment in early January 2016. 

Also named in the indictment related to fraud in the selling shares of VGTel, Inc. (VGTL) was Larry Werbel, a broker who recently worked for :

  • Concorde Investment Services
  • Summit Brokerage Services
  • LPL Financial

See this for more on Larry Werbel and how investors who suffered losses in accounts handled by Larry Werbel may be able to recover damages through FINRA arbitration.

larry werbel

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Larry Werbel Indicted For Securities Fraud & Ordered to Pay $100,000 by FINRA Arbitrators- In the Same Week

February 24, 2016- Cleveland, Ohio

A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered former Summit Brokerage Services stockbroker Larry Werbel , who operated Evolution Partners Wealth Management of Chagrin Falls,  to pay two former customers $100,000 plus costs. FINRA Case # 14-2891.

The customers had filed their original action alleging Werbel bought and sold penny stock shares of VGTel, Inc. (VGTL)  and engaged in self dealing and unauthorized trading with the assistance of broker affiliate Cor Clearing. The customers alleged that Werbel’s trading was unsuitable and that Summit Brokerage, his employer had knowledge that Werbel had been fired from his former employer, , for securities law violations and failed to adopt a program of heightened supervision to monitor Werbel’s activities.

According to the arbitration award, in January 2016 Werbel and his co defendants ,Summit Brokerage Services and Cor Clearing, entered into a settlement agreement with the customers, however,  shortly after the settlement was reached, Werbel announced that he would not be satisfying his obligations under the settlement agreement resulting in the filing of a Motion to Enforce Settlement against Werbel.

Werbel Indicted for $15 Million VGTL Securities Fraud

The Same Week

Werbel’s decision to back out of the settlement may well be related to the fact that he was indicted that same week in a scheme to defraud 100 people or more out of $15 million. Here is a copy of the indictment. 

Werbel’s recent employment history:

  • 4/2015-1/2016             Concorde Investment Services
  • 3/2011-11/2014           Summit Brokerage
  • 2/2009-2/2011              LPL FInancial 

If you have losses in an account handled by Larry Werbel or if you lost money trading VGTL, call to discuss your legal options.

larry werbel

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Larry Werbel Indicted for $15M VGTL Securities Fraud

1/8/2016- Cleveland, Ohio

larry werbel

Larry Werbel, 67,  of Evolution Partners Wealth Management in Chagrin Falls was indicted on charges that he participated in a scheme which defrauded about 100 investors out of over $15 million, according to an indictment filed in US District Court for the Southern District of New York. United States of America v. Edward Durante, et al.

Also named in the indictment were Edward Durante (also known as Ted Wise, Efran Eisenberg, Yulia Svitchkara, Anthony Walsh and Ed Simmons) Christopher Cervino (also known as Smitty ) and Sheik F. Khan (also known as Abida Khan).

US Prosecutors allege that of the more than $15 million invested, over $9 million went into the pockets of the fraudsters who recruited investors to purchase shares in a shell company call VgTel Inc., with the promise of high dividends.

According to FINRA records, Werbel was previously registered with the following broker dealers:

  • Concorde Investment Services  5/2015-1/2016
  • Summit Brokerage Services         6/2014- 11/2014 and 3/2011-4/2014
  • LPL Financial                                            2/2009-2/2011

If you suffered damages in an account handled by Larry Werbel, contact us to find out how you may be entitled to recover damages from Werbel’s former employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870